Social Sciences, asked by sreeswathigranites, 4 months ago

wright essay on the topic of "world without oil "​

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Answered by soumyashree96
5

As oil prices keep increasing, many are looking to a future without oil. It is hoped that if oil prices keep rising, alternatives will be developed and this will enable a smooth transition. Already, car manufacturers have cars which run on hydrogen, natural gas, even solar panel. The longer oil prices rises, the more attractive these options will be. It is not unfeasible that in a decade, we will simply not need or want to consume oil any more. However, this transition to a world without oil may not be as smooth as many hope. The transition to a post oil world could be a lot more painful that we would like to admit.

How would an oil free world impact on the world economy?

The Doomsday Scenario. The impact of declining oil availability depends on whether the alternatives to oil materialise. For example, it was hoped nuclear fusion would provide low cost energy, but, technological developments have been disappointing. If we don't find realistic alternatives to oil, the consequences for the global economy could be serious. Rising prices and costs, declining growth and living standards as people struggle to meet their energy needs. The world has become so dependent on oil, the question is could we survive without?

Wealth of Oil exporters would be reduced. At the moment, oil exporting countries are earning billions of dollars in oil revenues; this gives them economic power and to a large extent political power. If oil is no longer in demand, these countries would face a rapid period of readjustment; they are likely to face a fall in wealth, unless they could create growth in other sectors. The problem is that it is currently so easy for them to make money from oil other sectors of the economy are fundamentally underdeveloped, therefore they would struggle in an economy no longer reliant on oil.

Oil Importers Could be Relatively Better off.

Answered by tanishakumari123
3

Answer:

A World without Oil

Have you ever wondered what would be the aftermath if the world’s oil reserves dry out? What will happen to our cities, our food, and our very way of life? It will be the worst nightmare for the whole wide world creating chaos and panic through every nation. Oil has been used as a modern economic fuel for more than a century. Imagine if all of this disappears. All the oil from the world dries out suddenly from Florida oil rigs to Saudi oil fields to North Pacific off-shore rigs to Tar sands in Alberta, Canada. The world will experience a major economic setback as all the oil that drives our cars, flies our planes, powers our factories and even the oil below the ground vanishes.

We have already explored and taken more than a trillion barrels of oil from the subsurface but what if it suddenly dries out? The drying up of oil reserves is a crisis that many scientists have predicted over the years and when this will turn to reality, the world will surely react.

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